UAE cen­tral bank to de­velop Na­tional Pay­ment Sys­tems Strat­egy

The Pak Banker - - FRONT PAGE - ABU DHABI -AP

With an aim to en­able safe, ef­fi­cient and cus­tomer-cen­tric do­mes­tic and cross-bor­der pay­ments, the Cen­tral Bank of the UAE launched an ini­tia­tive to de­velop a Na­tional Pay­ment Sys­tems Strat­egy. Un­der this strat­egy, the UAE Cen­tral Bank will en­sure the pay­ment sys­tems are in­ter­op­er­a­ble and well reg­u­lated, and will also work to­wards sup­port­ing the trans­for­ma­tion of the UAE to a cash­less so­ci­ety in the long run.

In a state­ment on Tues­day, Mubarak Rashid Al Man­souri, Gov­er­nor of the Cen­tral Bank of the UAE, said the en­able­ment of cus­tomer-cen­tric pay­ments will serve to drive the over­all com­pet­i­tive­ness level of the UAE econ­omy and ben­e­fit the pub­lic and pri­vate ecosys­tem, while sup­port­ing the UAE smart gov­ern­ment agenda.

"This will re­sult in ben­e­fit- ing from higher qual­ity ser­vices at a com­pet­i­tive cost, in ad­di­tion to re­duced trans­ac­tion fees, greater lev­els of ef­fi­ciency, im­proved col­lec­tion cy­cles, and more in­no­va­tive pay­ment chan­nels." The cen­tral bank will also con­sult and col­lab­o­rate with the rel­e­vant stake­hold­ers from the fed­eral and lo­cal gov­ern­ments, other reg­u­la­tory en­ti­ties, fi­nan­cial and non-fi­nan­cial in­sti­tu­tions, telecom­mu­ni­ca­tions com­pa­nies, in­dus­try and other en­ti­ties as part of this ini­tia­tive.

Mean­while, First Abu Dhabi Bank (FAB) said it has se­cured a li­cence from the Cap­i­tal Mar­ket Au­thor­ity to es­tab­lish an in­vest­ment bank­ing sub­sidiary in Saudi Ara­bia.

The sub­sidiary, called FAB In­vest­ment KSA, is whol­ly­owned by the bank and will pro­vide ar­rang­ing and ad­vi­sory ser­vices through­out the King­dom to cor­po­rate clients and in­sti­tu­tions look­ing to ac­cess in­ter­na­tional mar­kets.

In a state­ment, FAB said the sub­sidiary will en­able the bank to grow and en­hance its re­gional pres­ence. Ab­dul Hamid Saeed, group chief ex­ec­u­tive of­fi­cer of FAB, said the unit will open up "sig­nif­i­cant op­por­tu­ni­ties" for the bank's cus­tomers.

"The de­vel­op­ment will strengthen FAB's abil­ity to tap into one of the largest economies and cap­i­tal mar­kets in the [Mid­dle East and North Africa] re­gion. I would like to high­light that es­tab­lish­ing this sub­sidiary will fur­ther ce­ment the strong re­la­tion­ship which ex­ists be­tween the UAE and Saudi Ara­bia in the fi­nan­cial sec­tor," he said. Saeed said Saudi Ara­bia is "a cat­a­lyst to ig­nite fur­ther eco­nomic growth across the GCC."

FAB In­vest­ment KSA will pro­vide a range of prod­ucts to cus­tomers who are look­ing to ac­cess Saudi Ara­bia's mar­ket as well as in­ter­na­tional mar­kets, the bank said.

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